Alibaba and Haier partner in new logistics joint venture

Alibaba and Haier have partnered on a new logistics joint venture. Alibaba will invest 2.82 billion Hong Kong dollars ($364 million) in Haier Electronics as part of the deal. The logistics JV will oversee the delivery and assembly of household appliances along with other large items to buyers.
Alibaba founder Jack Ma said that logistics can be improved in China, which will lead to the growth of Internet retailing. Alibaba Group also operates the shopping websites Taobao and Tmall.

Alibaba is going to invest 1.86 billion Hong Kong dollars in Haier’s Goodaymart division and acquire a 2% stake in Haier for 965 million Hong Kong dollars to establish the deal.